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Income Elasticity of Water Demand: A Meta-Analysis
Vlach, Tomáš ; Havránek, Tomáš (advisor) ; Červinka, Michal (referee)
If policymakers address water scarcity with the demand-oriented approach, the income elasticity of water demand is of pivotal importance. Its estimates, however, differ considerably. We collect 307 estimates of the income elasticity of water demand reported in 62 studies, codify 31 variables describing the estimation design, and employ Bayesian model averaging to address model uncertainty inherent to any meta-analysis. The studies were published between 1972 and 2015, which means that this meta-analysis covers a longer period of time than two previous meta-analyses on this topic combined. Our results suggest that income elasticity estimates for developed countries do not significantly differ from income elasticity estimates for developing countries and that different estimation techniques do not systematically produce different values of the income elasticity of water demand. We find evidence of publication selection bias in the literature on the income elasticity of water demand with the use of both graphical and regression analysis. We correct the estimates for publication selection bias and estimate the true effect beyond bias, which reaches approximately 0.2. 1
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Measuring the Value of a Statistical Life in the Czech Republic: A Hedonic Wage Approach
Špiroch, Jakub ; Havránek, Tomáš (advisor) ; Pertold-Gebicka, Barbara (referee)
To resolve the wage-risk trade off relationship on the labor market in Czech Republic, we introduce multiple hedonic wage regressions. Empirical theory ad- mits an income and age heterogeneity in value of a statistical life (VSL). This thesis employs a quantile regression along with age-dependent non-fatal and fa- tal on-the-job risk rates to estimate the age and income variation in VSL within a unified framework. Our results, based on EU-SILC 2018 data, implicate an inverted-V-shaped development of VSL with respect to age. The estimates of age-VSL peak for workers within the age cohort 42-47 across most real wage quantile levels and once reaching the maximum point the VSL proceeds to de- cline with age. In order to infer any effects of the global pandemic on VSL, we propose a set of novel COVID-19 control variables. Additionally, we annuitize the VSL estimates, which yields the value of a statistical life year (VSLY). The measures of VSLY correspond to the age and income varying trend of VSL. In conclusion, this thesis offers applicable varying VSL estimates across cohorts and wage distribution to policy-makers and respective authorities. JEL Classification J17, J24, J28, J31, J33 Keywords hedonic wage, compensating wage differential, quantile regression, VSL, income elasticity Title Measuring the...
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Income Elasticity of Water Demand: A Meta-Analysis
Vlach, Tomáš ; Havránek, Tomáš (advisor) ; Červinka, Michal (referee)
If policymakers address water scarcity with the demand-oriented approach, the income elasticity of water demand is of pivotal importance. Its estimates, however, differ considerably. We collect 307 estimates of the income elasticity of water demand reported in 62 studies, codify 31 variables describing the estimation design, and employ Bayesian model averaging to address model uncertainty inherent to any meta-analysis. The studies were published between 1972 and 2015, which means that this meta-analysis covers a longer period of time than two previous meta-analyses on this topic combined. Our results suggest that income elasticity estimates for developed countries do not significantly differ from income elasticity estimates for developing countries and that different estimation techniques do not systematically produce different values of the income elasticity of water demand. We find evidence of publication selection bias in the literature on the income elasticity of water demand with the use of both graphical and regression analysis. We correct the estimates for publication selection bias and estimate the true effect beyond bias, which reaches approximately 0.2. 1
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Health care: necessity or luxury good? A meta-regression analysis
Iordache, Ioana Raluca ; Votápková, Jana (advisor) ; Háva, Petr (referee) ; Gerry, Christopher J. (referee)
When estimating the influence income per capita exerts on health care expenditure, the research in the field offers mixed results. Studies employ different data, estimation techniques and models, which brings about the question whether these differences in research design play any part in explaining the heterogeneity of reported outcomes. By employing meta-regression analysis, the present paper analyzes 220 estimates of health spending income elasticity collected from 54 studies and finds that publication bias is of marginal concern for the literature. The model specification choices, more exactly whether a study accounts for institutional factors and advancements in medical technology, have a negative effect on reported outcomes. Moreover, the "economic research cycle hypothesis" finds support in our analysis. Lastly, the research finds that the true income elasticity of health spending is situated around unity level, which makes health care neither a luxury, nor a necessity. Keywords: meta-regression analysis, aggregate health expenditure, income elasticity 1
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Income Elasticity of Money Demand: A Meta-Analysis
Sedlaříková, Jana ; Havránek, Tomáš (advisor) ; Šopov, Boril (referee)
The income elasticity of money demand represents an important economic variable which affects money demand function. Precise evaluation of money demand is important for central banking and for determining the transmission mechanism. Nevertheless, there is no general agreement on the exact structure of the function of money demand and income elasticity values neither in theoretical nor practical context. Many different economic theories concerning this field were developed by various economists during the 20th century. There was also a large amount of empirical research whose goal was to estimate the value of income elasticity based on real economic data. However, these studies are characterized by strong heterogeneity of the respective results. The method of meta-analysis is considered to be an effective statistical instrument that allows systematic evaluation of these inconsistent estimates. This method was applied to the dataset consisting of 985 empirical estimates from more than 70 primary studies. The publication selection bias was detected only in the case of using broad monetary aggregates. The resulting estimates adjusted for publication bias range from 0.784 for narrow monetary aggregates to 0.93 for the broadly defined money. In addition, meta- regression analysis revealed correlation...
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Income Elasticity of Gasoline Demand: A Meta-Analysis
Kokeš, Ondřej ; Havránek, Tomáš (advisor) ; Avdulaj, Krenar (referee)
In this thesis I summarize previous studies estimating income elasticity of gasoline demand, analyze the models employed, comment on the evolution of econometric tools used, and finally perform a meta-analysis. This thesis is the first survey on gasoline income elasticity that takes into account publication bias. It also distinguishes between models including car stock information in estimation. I estimate the underlying short-run elasticity to be 0.1, long-run with car stock 0.234, and long-run without car stock 0.644. These results, on average, point to less income-elastic demand for gasoline than what previous surveys found.
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